Changes

In August of 2011, the [[libertarian]] author [[Vox Day]] wrote:

In August of 2011, the [[libertarian]] author [[Vox Day]] wrote:

{{cquote|...in the 1930s, it was only the USA that attempted to fight the post-1929 economic contraction with [[Keynesian economics|Keynesian stimulus policies]] and only the USA suffered a [[Great Depression]].  In England, the contraction stopped in 1932, France never saw double-digit unemployment, and the Japanese economy was actually enjoying significant growth. This time, Europe, China, and Japan all followed the US lead and applied their own stimulus plans in 2009, which we are already seeing is now in the process of backfiring on everyone.<ref>[http://voxday.blogspot.com/2011/08/overprepared.html Overprepared]</ref>}}

{{cquote|...in the 1930s, it was only the USA that attempted to fight the post-1929 economic contraction with [[Keynesian Economics|Keynesian stimulus policies]] and only the USA suffered a [[Great Depression]].  In England, the contraction stopped in 1932, France never saw double-digit unemployment, and the Japanese economy was actually enjoying significant growth. This time, Europe, China, and Japan all followed the US lead and applied their own stimulus plans in 2009, which we are already seeing is now in the process of backfiring on everyone.<ref>[http://voxday.blogspot.com/2011/08/overprepared.html Overprepared]</ref>}}

   

   

It is ironic that [[liberal]]s such as [[Barack Obama]] advocate Keynesian economic concepts since they are violating one of John Maynard Keynes' key principles. Keynes advocated having governments run [[budget surplus|budget surpluses]] during good economic times.<ref>EK Brown-Collie and Bruce E. Collier, What Keynes really said about deficit spending, Journal of Post Keynesian Economics, Vol. 17, No. 3, Spring, 1995</ref> In addition, Keynes advocated that governments should increase government spending during difficult times and even engage in [[deficit spending]]. Keynes was against large structural deficits as he believed they are a drag on the economy.<ref>http://money.cnn.com/2010/02/04/news/economy/meltzer_keynes.fortune/</ref>  Liberals such as Barack Obama [[American Recovery and Reinvestment Act of 2009|advocate massive U.S. government spending]] during a period when the federal government already has a [[Obama administration fiscal policy|massive amount of existing debt]]. Furthermore, Obama's colossal government spending was inefficient and [[American Recovery and Reinvestment Act of 2009|did not pull the American economy out of its economic problems]], but merely [[Obama administration fiscal policy|buried the U.S. economy under more debt.]]   

It is ironic that [[liberal]]s such as [[Barack Obama]] advocate Keynesian economic concepts since they are violating one of John Maynard Keynes' key principles. Keynes advocated having governments run [[budget surplus|budget surpluses]] during good economic times.<ref>EK Brown-Collie and Bruce E. Collier, What Keynes really said about deficit spending, Journal of Post Keynesian Economics, Vol. 17, No. 3, Spring, 1995</ref> In addition, Keynes advocated that governments should increase government spending during difficult times and even engage in [[deficit spending]]. Keynes was against large structural deficits as he believed they are a drag on the economy.<ref>http://money.cnn.com/2010/02/04/news/economy/meltzer_keynes.fortune/</ref>  Liberals such as Barack Obama [[American Recovery and Reinvestment Act of 2009|advocate massive U.S. government spending]] during a period when the federal government already has a [[Obama administration fiscal policy|massive amount of existing debt]]. Furthermore, Obama's colossal government spending was inefficient and [[American Recovery and Reinvestment Act of 2009|did not pull the American economy out of its economic problems]], but merely [[Obama administration fiscal policy|buried the U.S. economy under more debt.]]